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397

A new Einstein is born every rule (lemmy.world)

submitted 16 hours ago by SoftestSapphic@lemmy.world to c/196@lemmy.world

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[–] UnderpantsWeevil@lemmy.world 37 points 15 hours ago (1 children)

Finance and the Misallocation of Scientific, Engineering and Mathematical Talent

The US financial sector has become a magnet for the brightest graduates in the science, technology, engineering and mathematical fields (STEM). We provide quantitative bases for this well-known fact and illustrate its consequences for the productivity growth in other sectors over the period 1980-2014. First, we find that the share of STEM talents grew significantly faster in finance than in other key STEM sectors such as high-tech, and this divergent pattern has been more evident for STEM than for general skills and more pronounced for investment banking. Second, this trend did not reverse after the Great Recession, and a persistent wage premium is found for STEM graduates working in finance and especially in typical financial jobs at the top of the wage distribution. Third, the brain drain of STEM talents into finance has been associated with a cumulative loss of labor productivity growth of 6.6% in the manufacturing sectors. Our results suggest that increasing the number of STEM graduates may not be enough to reignite sluggish economic growth without making their employment in finance more costly.

[+] wildncrazyguy138@fedia.io -8 points 15 hours ago (2 children)

I’m going to be controversially somewhat mixed on this. There are a significant amount of people who go into the financial sector, make a decent amount of seed money, pair up with some other highly motivated people who also are passionate about a thing, and then start up a business. It can be an excellent networking opportunity.

Sure, there are certain megalomaniacs in this world, but I feel that most people want to seek out opportunities that fulfill them.

[–] olafurp@lemmy.world 3 points 4 hours ago

I agree, it's a waste of talent but I'm not going to blame anyone for taking a high paying job, especially if they have an exit plan.

[–] UnderpantsWeevil@lemmy.world 13 points 14 hours ago

There are a significant amount of people who go into the financial sector, make a decent amount of seed money, pair up with some other highly motivated people who also are passionate about a thing, and then start up a business.

Sure. That's how you get a thousand different conferences talking about how to Level Up Your Crypto.

It can be an excellent networking opportunity.

Between people obsessed with getting a monetary high score.

Also, consider how many of these "networks" of oligarchs always end up having a Jack Abramoff or Matt Gaetz or Jeffrey Epstein in attendance.